AHHX — Adaptive High Income ETF

AHHX Fund Overview

AHHX — Adaptive High Income ETF is a US ETF managed by Starboard Investment Trust, categorised as Emerging Markets Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Starboard Investment Trust
• Category: Emerging Markets Real Estate
• Assets under management: $23.18M
• 1-year return: -8.6%
• Ticker: AHHX
• SEC CIK: 0001464413
• SEC series ID: S000072158
• Share class ID: C000227948

AHHX Investment Objective and Strategy

Adaptive High Income ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Starboard Investment Trust.

Investment objective

The Adaptive High Income ETF (the Fund) seeks to achieve current income and real return.

Principal investment strategy

As an actively managed exchange-traded fund (ETF), the Fund will not seek to replicate the performance of an index. The Advisor seeks to achieve the Funds investment objective of current income and real return by investing other investment companies, including mutual and exchange-traded funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act) and not affiliated with the Fund (Portfolio Funds) or making direct investments in equity securities based upon institutional research. The Fund may invest in Master Limited Partnerships (MLPs), Real Estate Investment Trusts (REITs), Limited Partnerships, convertible fixed income securities, and large capitalization equity securities, including preferred stocks, that the Advisor believes will generate income. The investments of the Fund and Portfolio Funds will be comprised primarily of domestic and foreign (including emerging markets) fixed income securities, principally consisting of bonds, corporate debt securities, and government securities.

Such investments will frequently include high yield corporate bonds (or junk bonds). The Fund will invest a significant amount (generally at least 40%, and, often, greater than 80%) of its assets in securities that are rated below investment grade at the time of investment. The Fund and Portfolio Funds may invest in fixed income securities of any maturity and any credit rating, including bonds of issuers in default. The Fund and Portfolio Funds will invest in inverse high yield investments (which attempt to short high yield or junk bonds) to provide a hedge to the portfolio during negative credit events, such as when an increase in the default rates of any of the U.S. high yield sectors occurs or when there is an increase in the high yield bond spread. A high yield bond spread is the percentage difference in current yields of various classes of high-yield bonds compared to investment-grade corporate bonds or another benchmark bond measure.

The inverse high yield investments that the Fund and Portfolio Funds may invest in are exchange-traded funds (ETFs) that provide inverse exposure to high yield or junk bond markets. The Fund and Portfolio Funds do not have an established average portfolio duration and the average portfolio durations will vary. Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. In general, the higher the duration, the more a bonds price will drop as interest rates rise (and the greater the interest rate risk). For example, if rates were to rise 1%, a bond or bond fund with a five-year average duration would likely lose approximately 5% of its value. The Fund and Portfolio Funds will not be limited in their investments by sector criteria. The Portfolio Funds in which the Fund invests will have an investment objective similar to the Funds or will otherwise hold permitted investments under the Funds investment policies.

Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees. The Advisor uses an investment model for analyzing market trends. The investment model includes factors such as price momentum, volatility, comparative indicators relative to certain indices and a recession model (a model that measures the probability of a recession within the next several months based on leading economic indicators). When the Advisors model indicates a negative market trend, the Fund may hedge the Funds portfolio by investing in ETFs that invest in treasury bonds, exchange traded notes (ETNs), and leveraged and inverse ETFs. The leveraged ETFs hedge the Funds portfolio by offsetting equity allocations without need to sell the long equity positions.

The Fund may hold significant cash or inverse ETF positions during unfavorable market conditions. The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified, or the Funds portfolio needs to be rebalanced due to increases or decreases in the Funds net assets. Decisions by the Advisor to sell other portfolio securities will be based upon the Advisors research. The Advisor will analyze various high yield investments based on performance expectations vs benchmark. The Advisor may opportunistically invest a portion of the portfolio that the Advisor believes may outperform the benchmark. The Advisors analysis includes dividend payments, and macroeconomic factors such as inflation expectations, interest rates, equity sector analysis, and the political environment.

Under certain market conditions such as when corporate bankruptcies are increasing or when corporate fundamentals are decreasing, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds, which may affect the Funds performance due to higher transaction costs and taxes. Portfolio turnover will not be a limiting factor in making investment decisions.

AHHX Performance

Total returns for AHHX (as of 2026-10-01), from SEC filings.

AHHX Risk Information

Risk metrics for AHHX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 14.4%

AHHX Costs and Fees

AHHX costs about $68 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.68%
• Gross expense ratio: 1.11%
• Portfolio turnover: 231%
• Brokerage commissions: 9.52 bps of average net assets (SEC N-CEN)

AHHX Cashflows

Over the 12 months to 2023-02, Adaptive High Income ETF had net inflows of $62.63M, from monthly SEC N-PORT filings.

AHHX Debt Constituents

No individual debt constituents are reported in Adaptive High Income ETF's latest SEC N-PORT filing.

AHHX Prospectus and SEC Filings

Official Adaptive High Income ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2022-09-28
• Prospectus (485BPOS) — filed 2021-08-10
• Prospectus supplement (497) — filed 2021-11-04
• Portfolio holdings (N-PORT) — filed 2023-04-03
• Portfolio holdings (N-PORT) — filed 2023-01-27
• Portfolio holdings (N-PORT) — filed 2022-10-26
• Annual census (N-CEN) — filed 2022-08-15

Related Funds

Other Emerging Markets Real Estate funds tracked on ABC INVEST:

• Westwood Low Volatility Equity Fund (WLVIX)
• Pzena U.S. Large Cap Value ETF (PZLV)
• Noble Absolute Return ETF (NOPE)
• Jackson Square Global Growth Fund (JSPVX)
• Jackson Square Select 20 Growth Fund (DPCEX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.